We are one of the largest privately-owned global investment advisers. Founded in 1983, we are a leader in the active management of fixed income and equity portfolios, through domestic and international solutions. Advising the world's leading institutions and individual investors, we provide strong performance and real-world strategy on the global economy and capital markets.

Payden & Rygel at a Glance

$115 billion in AUM

Founded in 1983

388 client relationships

Headquartered in Los Angeles

Offices in Boston, London, and Milan

200 employees

For over three decades, our independence has enabled us to manage portfolios focused on our clients' objectives. We build lasting relationships by providing an unparalleled level of service and problem solving.

Independence

Payden & Rygel is one of the largest independent asset managers. 100% of the company is owned by senior portfolio managers and executives involved in the day-to-day direction of the firm. This "true" independence provides our clients with a high level of customization and access to our resources.

Our company is only 34 years "young", yet the senior management team has been working together, on average, for nearly 25 years! The firm's independence has contributed to stability in management and staff uncommon in our industry. Our investment professionals have extensive capital markets experience, which our clients draw upon daily.

We provide a full range of investment strategies to clients around the globe. With investment professionals in the United Kingdom, Europe, Asia and the United States, we are well-positioned to collaboratively manage portfolios across a breadth of mandates. Payden & Rygel Global Limited, our London-based subsidiary, provides a wide variety of investment services to clients in Europe, the United Kingdom, and the Middle East, in separately-managed accounts and Dublin-domiciled UCITS funds.

Metzler/Payden LLC is a 50/50 joint venture between Metzler Bank, one of Europe's oldest independent financial institutions, and Payden & Rygel. The joint venture specializes in global fixed income and equity strategies, and was established in 1998 to meet investors' needs for international diversification. Metzler/Payden fuses the experience of its independent partners, enabling the unique exchange of expertise, research, and ideas across the Atlantic to offer global solutions to our clients.

With assets under management of over $115 billion, Payden & Rygel is large enough to assure the most competitive bond prices - yet small enough that we can invest exclusively in cash instruments. We are not forced to use derivatives to gain exposure.

Our process has always focused on a very basic principle - an investment portfolio should behave in a manner consistent with the client's objectives. As simple as this sounds, disasters in stock and bond portfolios over the past 20 years have occurred when investment managers have taken aggressive positions that were allowed under the letter of the client's guidelines, but were not consistent with the spirit of the client's objectives.

Payden & Rygel's environmental, social & governance (ESG) strategy aims to discover and monitor those risks and opportunities which do not appear in traditional financial statements that we believe will be material to future investment performance. This mission supports three important beliefs. First, we do not view ESG as an ethical or moral overlay which is secondary to the investment process. Second, in our process, ESG factors are relevant to the extent they are likely to affect investment performance. Third, consistent and comparable ESG data are essential for a responsible determination of credit risk and materiality.

Our Firm

Payden In Focus

Payden & Rygel 2018 Economic Webcast

Whiteboard Economics: Ideal Money

Whiteboard Economics: Reflections on the Yield Curve

Our Leadership

Our executive management team has been working together, on average, for nearly 25 years. Independently-owned, we provide customized solutions and allow clients complete access to our resources.

Our clients

With over $115 billion in assets under management, we advise the world's leading institutional and individual investors with real-world strategy on the global economy and capital markets. Investment management is our only business, and every client is important to us. Our clients include:

Corporations

· Balance Sheets

· Pensions

· LDI

· Cash Sweep Management

· DB/DC

Endowments, Foundations & Non-Profits

· Higher Ed

· Public and Private

· Eleemosynary

· Operating and Long-term Pools

Health Care

· Health Systems

· Hospitals

· Operating, Endowment, Project Funding

Insurance Companies

· Global Presence

· Book Yield

· Total Return

· ALM

· Primary/Reinsurers/Captives

· Solvency II, NAIC, et al.

Public Entities

· State/Local Government Authorities

· Sovereign Wealth Funds

· Central Banks

· NGOs

High Net Worth Individuals

· Wealth Managers

· Family Offices

· Charitable Trusts

Our strategies

We provide a number of strategies across global markets. Strategies are customized based on each client's objectives, but fall into four broad categories: fixed income, equity, absolute return, and balanced. Strategies can be employed using customized separate accounts, our US mutual funds, or Dublin-based UCITS funds.

Payden & Rygel has been managing portfolios globally with an emphasis on customized investment solutions since inception. We believe that a one-size-fits-all or product-based approach to investing sacrifices the single most important aspect of our client relationships: each client's unique circumstances.

Emerging Market Bond

Some of the fastest growing regions in the world are labeled "emerging markets". For many years, investors treated emerging markets as an alternative investment. Today, emerging marketsand in particular, emerging market bondsare an exciting asset class all their own. They offer the opportunity to invest in almost seventy countries that represent close to half of global output. Payden & Rygel's Emerging Market Bond strategies can be used as stand-alone investment vehicles or they can used in a broader portfolio to provide diversification and potentially enhance returns.

The firm's investment process starts with a top-down assessment of country risk, accompanied by research trips to countries in Latin America, Europe, Asia, Africa and the Middle East. We assess country trajectories through a screening of their macroeconomic variables, business environment, political stability, and the quality of their environmental, social and government institutions. Our robust relative value and risk management tools help to ensure diversification and minimize volatility.

Payden & Rygel's emerging market bond effort dates back to the late 1990s, making us a pioneer in the asset class. The stability of our team and consistency of our approach has delivered strong absolute and risk-adjusted returns for our clients. Beyond the firm's capabilities in sovereign US dollar and euro-denominated bonds, we have been at the forefront of the evolution of local currency and corporate bond markets. We offer both dedicated and blended strategies across the full range of emerging market debt opportunities.

Benchmark

EMBI Global Diversified Index

Securities Employed

Sovereign and corporate bonds of emerging market countries

Maturity Range

1 - 30 years

Duration Range

5.0 - 7.0 years

Average Credit Quality

BBB-

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Cash Management

Payden & Rygel is a pioneer in developing cash management strategies for institutions, which we began more than a quarter-century ago. Since then, this strategy, which focuses on liquidity management of operating funds or sweep funds, has been refined and enhanced. Our strategy helps institutions maximize the return on short-term resources by deploying funds in the short-term money marketswhere they maintain a high degree of security and liquidity. The money markets include short-term debt securities like commercial paper, negotiable certificates of deposit and Treasury Billsall with maturities of less than a year, but usually less than 90 days. Expert navigation of the vast money markets is essential to successfully managing short-term cash.

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Enhanced Cash/Low duration/low duration plus

Payden & Rygel pioneered cash management strategies for institutions nearly three decades ago. Since that time, our short-term bond strategies, which initially focused on liquidity management of operating funds or sweep funds, have expanded to meet the dynamic needs of our clients and the ever-changing investment landscape.

Our short-term bond strategies are designed for investors who seek higher yields than those provided by money market funds but can withstand varying amounts of incremental price volatility. Customized to meet the unique investment objectives of each client, the firm's short-term bond strategies offer a high quality, diversified alternative to money market funds and other short-term investments.

Enhanced Cash

The enhanced cash strategy offers a higher yielding alternative to short-term investments such as money market funds and bank certificates of deposit. Short-maturity government securities and non-government securities such as corporate bonds, asset-backed and mortgage-backed securities are utilized to provide potentially higher yields than money market funds while seeking to achieve a comparable level of principal stability.

Low Duration

The low duration strategy is an alternative to cash and short-term bank deposits, designed for investors seeking higher yields than generally available from money market funds, and who are slightly more tolerant of principal fluctuation. The portfolio structure is based upon a client's liquidity requirements. Typical clients include corporate operating funds, construction funds, hedge funds, university operating funds, pension funds, central banks, foundations/endowments, public funds and individuals.

Low Duration Plus

The low duration plus strategy is designed for investors who seek a potentially higher return than that available from a pure low duration strategy and who can withstand a moderate amount of principal fluctuation. While this strategy employs the same type of securities as the low duration strategy (e.g., short maturity government and non-government securities, including corporate bonds, asset-backed and mortgage-backed securities), it may also include investments with a slightly longer maturity and a lower credit quality. The overall portfolio maintains a similar credit quality to the low duration strategy.

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Intermediate/Core/Core Plus

Payden & Rygel believes that bonds play a special and important role in an overall asset allocation by generating reliable current income and by providing a diversification benefit to other higher volatility assets in the portfolio. We strive to act as a requisite diversifier in the context of the total pension plan.

With the ever-increasing blurring between asset classes, we expect to deliver return and volatility characteristics in keeping with the spirit of bond expectations. We believe that bond portfolios should be sufficiently diversified across a broad spectrum of sectors and that individual position sizes in the portfolio should be calibrated to their potential degree of risk.

In addition to the strategies listed below, we offer a complete array of services including index replication strategies and liability-driven investing.

Intermediate

Our Intermediate Core Bond strategy strikes a compromise between yield on the one hand and price volatility on the other. This strategy offers a slightly lower yield than other core bond alternatives due to its shorter average maturity that helps protect against adverse price moves in a rising interest rate environment. The strategy generally invests in securities with maturities in the one to 10-year range, and includes sectors such as Treasuries, Agencies, investment-grade corporate bonds and asset-backed and mortgage-backed securities.

Core

The Core Bond strategy exploits opportunities across maturities and sectors in the investment grade universe. The strategy generally invests in securities with maturities in the one to 30-year range and includes sectors such as Treasuries, Agencies, investment-grade corporates and asset-backed and mortgage-backed securities.

Core Plus

Our Core Plus strategy combines sectors used in the core strategy with the extended markets of high-yield, emerging markets and non-dollar bonds. They are used opportunistically as market conditions warrant and may represent as little as zero percent of the portfolio, but a more typical allocation is in the 10-20% range. This strategy has grown steadily over the past several years, spurred by advancements in information technology, which have increased transparency and trading efficiencies in these sectors, and the dramatic increase of debt issuance in local markets around the world.

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

US Government Bonds

Our US Government Bond strategy is a high quality, short to intermediate maturity strategy, for risk averse investors. The Fund is comprised of 100% US Government securities. The strategy focuses on US Treasury securities, government agency debentures and agency mortgage securities with a weighted average life of one to five years. The strategy seeks to generate income without credit risk nor the volatility of longer maturity securities.

Benchmark

Merrill Lynch 1-5 year Treasury Index

Securities Employed

US Treasury securities, US Agency debentures, and US Agency mortgages

Maturity Range

1 - 10 years

Duration Range

1.75 - 3.25 years

Average Credit Quality

Agency

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Global Fixed Income

Payden & Rygel's actively managed Global Fixed Income strategies provide broad access to the world's developed and emerging bond markets, both investment grade and high yield. We offer a wide range of standard and customized strategies designed to meet clients' unique objectives across countries, currencies and sectors.

Global Short/Intermediate

A short/intermediate strategy, which utilizes global sovereign bonds and credit instruments to provide a diversified investment portfolio with maturities ranging from one to five years, can be hedged to any local currency.

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

High Yield

Payden & Rygel's high-yield bond strategy seeks to maximize total return by focusing on the upper tier of the high-yield bond market. High-yield bonds can provide diversification and yield benefits to an investment portfolio due to their low correlation with both Treasuries and investment-grade corporate bonds.

The cornerstone of Payden & Rygel's high-yield strategy is its intensive credit due diligence. With an experienced portfolio manager and a seasoned analyst team, Payden & Rygel successfully navigated the credit market turmoil in both 2007 and 2008. The firm prides itself on its risk controls and risk discipline.

We consider all companies which have bonds above $200 million in issue size. Our investible universe consists of in excess of 620 companies, though 245 of these are between $200-$300 million in issue size. These 245 companies often provide the best value and are "below the radar" of many managers. This allows us to focus on more "undiscovered gems" than the typical high yield manager.

Benchmark

Merrill Lynch High Yield Master I Cash Pay Index

Securities Employed

High-yield bonds

Maturity Range

1 - 10 years

Duration Range

4.0 - 5.0 years

Average Credit Quality

BB-

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Tax-Exempt Strategies

Tax-exempt bonds (e.g., municipal bonds) should be a significant holding in a fixed-income strategy for taxable investors. Payden & Rygel's tax-sensitive strategies seek to maximize after-tax total return and are customized to meet the unique investment objectives of each client as well as clients' tax status and state of domicile.

We believe that superior performance is derived through the inclusion of both taxable and tax-exempt securities in the portfolio opportunity set. The segmented nature of the municipal (tax-exempt) market leads to inefficiencies that can translate into excess returns for those managers with the experience, sophistication and flexibility to capitalize on these opportunities. We believe municipal investing requires elements of both a top-down, as well as bottom-up, investment style. Market surveillance plays a critical role in the municipal market given the significant influence that supply and demand imbalances exert on performance.

Short Term

Short-term Tax Sensitive strategies seek to earn higher income than money market alternatives while preserving capital. Short-maturity municipal bonds as well as Treasury, Agency, corporate and asset-backed bonds may be used.

Intermediate

The Intermediate strategy is a core portfolio strategy. The intermediate maturities along the yield curve provide a large portion of the return of longer securities with a fraction of the price volatility. The portfolios are tailored to meet each client's unique investment goals and tolerance for risk and can be customized to emphasize in-state tax benefits where appropriate.

Long Term

The Long-term strategy is designed for investors who may have long-term liabilities against which they are managing their assets or those with a more income oriented focus. The strategy generally invests in securities across the entire maturity spectrum, and includes sectors such as government securities and mortgage-backed securities in addition to traditional municipal securities.

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Strategic Income

Strategic Income has its roots in core fixed income but expands from there in a more comprehensive and opportunistic fashion. It is designed as a more "open architecture" approach that is less conforming to traditional fixed income benchmarks.

This approach has gained favor from investors who recognize that there should not be a "one size fits all approach to core style portfolios. Clients have many different degrees of liquidity needs and beta exposure desires and strategic income in the way we manage it at Payden & Rygel offers this degree of customization.

The strategy allocates to major credit sectors globally in a diversified fashion. Short term and/or high-quality government securities will also be used to ensure liquidity and ease of strategy change, as well as potentially providing a "safe haven" in times of major credit stress. Active rotation among the sectors follows Payden's time-tested macro view through its Investment Policy Committee and coordination with our Core fixed income team. The Payden style of "bonds behaving like bonds should" is not lost in Strategic Income portfolios - our focus is on cash bonds and not derivative strategies that can obfuscate risk and return sources.

Importantly, effective (interest rate) duration may be empirically lower than traditional "core" portfolio durations given the strategic allocations to credit sectors and resulting higher income cushion.

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Investment Grade Corporates

Payden & Rygel's strategy is to purchase investment-grade corporate bonds of companies that have leading market positions, strong cash flow generation, stable management teams and predictable earnings. The strategy's focus is on bottom-up credit selection with an emphasis placed on adding issues with a near-term catalyst to outperform. Our credit research process looks to capitalise on opportunities in the corporate bond market across sectors and maturities; including the early identification of potential rising stars - companies that we believe will be upgraded to investment grade in the near term. A forward looking approach is taken to credit analysis. A priority is placed on assessing a company's future trajectory and the corresponding risk and opportunities for bondholders under various scenarios.

The strategy primarily invests in USD investment grade corporate securities with flexibility to opportunistically invest in below investment grade securities. The strategy may also utilize futures for duration management.

Benchmark

Bloomberg Barclays US Corporate Index

Securities Employed

Primarily invests in US IG Corporate bonds

Maturity Range

1-30 years

Duration Range

6-8 years

Average Credit Quality

BBB

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Long-Duration Investing (LDI)

Payden & Rygel's investment philosophy for Long-Duration Investing (LDI) is that active management of fixed-income investments not only should focus on ways to add value relative to a benchmark, but should also focus on managing risk in its many forms (e.g., credit, liquidity, etc.) consistent with the letter and spirit of our clients' unique investment guidelines.

Our investment process is a hybrid - we manage a macro-driven top-down approach combined with a bottom-up fundamental view. The process begins with our Investment Policy Committee's assessment of the global macro-economic environment and formation of our broad-based and long-term view on interest rates (economic growth, inflation, political risk), credit (direction, strength, supply/demand), and risk (primarily focused on downside risk and client portfolio protection). The long duration investment team, based on discussions with the IPC and our sector strategists, will determine sector weightings and then populate these targets with individual issuers to achieve attractive risk-adjusted return expectations.

We maintain diversified portfolios, typically holding 200 bonds, in order to properly manage tracking error and we employ strong risk controls. Our LDI strategy exploits opportunities in the longer end of the maturity curve, ten years and greater, across multiple fixed income. These sectors include U.S. Treasuries, Agencies, global investment-grade corporate bonds, taxable municipal bonds, and investment grade emerging market sovereign and government related bonds. Plain vanilla interest rate swaps and interest rate futures will be used sparingly to manage the duration of the portfolio. Additionally, we invest in sub-investment grade bonds up to 5% to increase income potential and diversify overall credit exposures.

Benchmark

Bloomberg Barclays Long Government / Credit Index

Securities Employed

US Treasury securities, US Agency debentures, Corporate bonds, Government -Related Debt and US Agency mortgages

Maturity Range

10 years +, select 1-10 holdings

Duration Range

13.0 - 16.5 years

Average Credit Quality

AA-

The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Payden & Rygel's Large-Cap Value / Equity Income strategy takes advantage of the firm's strengths in company and industry analysis, focusing on companies which are projected to maintain or increase their dividend payouts while providing above-market-average dividend yields. Our objective is to provide current income and equity market participation through a well-diversified, high-quality, large-cap portfolio by focusing on companies with steady earnings and cash flow growth. Our equity team looks beyond the common stock universe for attractive dividend/distribution yields, and researches other areas such as preferred stock, real estate investment trusts, master limited partnerships and business development companies.

The strategy is well-diversified across sectors and equity security types, and generally invests in 50-80 holdings. With the focus on diversification, income and equity market participation, this strategy is appropriate for both investors focusing on income and those looking for a competitive large-cap value offering with lower volatility and attractive risk-adjusted returns.

Stocks in this strategy will generally appreciate less when the overall market is rising and fall less when the overall market is declining. Investors could lose money during periods of falling stock prices.

The "Absolute Return" investing universe has represented a variety of investment objectives and approaches through time. Even today the term is used by both hedge funds, on one end of the spectrum, as well as ultra-safe, liquidity type funds, on the other. While the space has yet to be concretely defined, the development of our strategy began with a simple client request to manage a portfolio, untethered from traditional benchmarks, that would produce a reasonable level of return and protect their investment principal. With that objective in mind, the Payden Absolute Return Investing (PARI) approach has been refined over more than 7 years while adhering to the following core objectives:

Produce Positive Returns

Staying true to the basic definition of "Absolute Return", our strategy aims to produce positive returns with a performance hurdle of LIBOR + 2-3% over a rolling 3-year period.

Protect Downside Risk

Before we consider the direction of markets or the value opportunities that are presented, our first responsibility is to protect an investor's principal against the potential for loss. Risk management is paramount.

Capture "Smart" Yield

Benefitting from more than 35 years in fixed income management, the foundation of our strategy is a low duration fixed income portfolio where risk premia from global interest rate curves and credit markets may provide dependable and repeatable returns.

STRATEGY CHARACTERISTICS

Return Objective

LIBOR + 2-3%

Rating

Investment Grade

Currency

Client specified ($, â‚¬, Â£, Â¥, A$ etc)

Track Record Length

> 7 years

Global Balanced

Payden & Rygel's Global Balanced strategy is designed to help investors meet their financial goals and objectives via a strategic allocation of stocks, bonds and cash.

Country and sector allocations are carefully determined via a top-down approach based on fundamental and quantitative analysis. The correlation between countries is critical to measure appropriate levels of diversification. We utilize futures contracts to implement strategic allocation shifts. High liquidity and low transaction costs are added benefits to Payden & Rygel's proven approach.

Us Balanced

Payden & Rygel's US Balanced portfolio is designed to help clients achieve their financial objectives via a diversified list of U.S. stocks, bonds and cash. The firm can manage mandates for a relative return or absolute return objective.

A portfolio of stocks and bonds is determined using a selection process which considers fundamental economic analysis, valuation measures for stocks and bonds, global asset flows, technical analysis, and overall client goals and objectives. While we utilize extensive quantitative analysis, common sense and good judgment are also key components of our selection process. The strategy generally makes one to four shifts per year, usually changing the allocation mix in five to ten percent increments.

UCITS FUNDS OVERVIEW

The following information regarding Payden Global Funds plc is directed to non-US investors, and these funds are available for purchase by non-US investors only, subject to applicable local law. Access to this information by US investors is for informational purposes only, and is not an offer to sell, a solicitation of an offer, or a recommendation concerning these funds. Payden & Rygel also provides a globally-diversified array of Mutual Funds for US investors.

Payden Global Funds plc is distributed by Payden & Rygel Global Ltd, which is authorised and regulated by the UK Financial Conduct Authority. The information provided is not intended to provide a sufficient basis on which to make an investment decision. It is not intended for retail customers and such persons should not rely on this material. Moreover, any investment or service to which this material may relate. will not be made available to such retail customers. This material is directed exclusively at eligible counterparties or professional clients as defined by the rules of the Financial Conduct Authority or parties who are otherwise eligible under these rules. Payden & Rygel Global Limited has not taken any steps to ensure that the products and services referred to are suitable for any particular investor and no assurance can be given that the stated investment objectives will be achieved. The value of investments may fall as well as rise. Registered Office: 1 Bartholomew Lane, London, EC2N 2AX, United Kingdom. Company No. 03752819; Place of Registration: United Kingdom

I agree that I have read and understand the important legal information above that pertains to Payden & Rygel's UCITS Funds.

Library: Publications & Articles

We regularly publish articles and information on timely investment topics, economic and market trends, investment products and issues impacting global financial markets. The firm is dedicated to comprehensive, independent research and analysis. Find proprietary insights, analysis, and the latest on markets trends.

Career Opportunities

Payden & Rygel provides superior solutions by employing a staff whose education, experience and vision have made the firm a leader in the field. We welcome the opportunity to speak with talented and motivated individuals who wish to meet this challenge.

If you are interested in a career with Payden & Rygel, please submit your resume to the firm's human resources department at careers@payden.com.

Disaster Recovery and Business Continuity Preperations

Payden & Rygel has developed a Business Continuity Plan to ensure that all critical functions continue in the event of a disruption in normal operations.

The firm has configured data replication servers and related infrastructure in its Boston, Massachusetts office. Data on critical Los Angeles servers is replicated to corresponding servers in the Boston location on a live basis throughout each day. In addition, other servers and databases are backed up, sent electronically to Boston, and restored at the end of each day. The firm has established a dedicated high-speed connection between the Los Angeles and Boston offices to facilitate the secure transmission of data backups.

A number of individuals from the Trading, Portfolio Operations, Information Technology, Compliance and Portfolio Management departments have been selected to connect remotely to the Boston office to complete their daily responsibilities, in the event of a disruption to normal business operations. The firm has implemented a VMWare virtual environment for each of these individuals so that they each have their own remote desktop in Boston to which they securely connect using a laptop or desktop computer with an Internet connection. Our expectation is that routine business operations will resume within 24 hours of a business continuity event. In addition, the Boston office has capacity to accommodate additional employees if a physical relocation of selected Los Angeles employees is necessary.

The firm uses a third-party hosted mass notification system to quickly communicate with all employees in the event of a disruption in operations. The system allows management to compose a text or voice message notifying employees of the event, which is then sent automatically to employees' mobile phones, home phones, and e-mail addresses. Employees indicate their receipt of the message from their phone or mobile device, which allows management to immediately review summary reports of the employees who are aware of the disruption. Additional instructions and updates can then be sent to all staff, as necessary under the circumstances.

In the event that our Business Continuity Plan is activated and Los Angeles office phone lines are down, the Los Angeles phone numbers are re-directed to the Boston office. Boston-based staff will direct callers to the mobile phones of key portfolio professionals, as necessary. All key investment personnel have access to firm e-mail on mobile devices. E-mail delivery to Payden & Rygel addresses is not dependent on the availability of either Los Angeles or Boston servers. Finally, Boston-based staff has access to portfolio management and reporting information independent of Los Angeles technology availability.

The transfer agent for the Paydenfunds is not located in Payden & Rygel's offices. The transfer agent for all of the funds maintains all shareholder records and will continue to receive all shareholder calls related to their accounts.

On at least a quarterly basis, several employees from the departments specified above will remotely connect to the Boston office to test the infrastructure by conducting their daily job responsibilities, including the execution, ticketing, settlement and processing of securities trades.

The Business Continuity Plan was developed and is monitored by a committee of senior managers, including the heads of the Trading, Portfolio Operations, Compliance and Information Technology departments. The committee meets regularly to discuss any necessary updates to the Plan and coordinates ongoing tests of the Boston location by a team of employees from various departments. The committee also solicits feedback from personnel based on the ongoing tests and promptly makes adjustments to the Plan and the Boston office resources, as necessary.

Updates to the Business Continuity Plan will be posted on this website page and a copy of the Plan may also be obtained by written request.

Environmental, Social, and Governance (ESG) Statement

Since 2013, Payden & Rygel has been a signatory of the United Nations Principles for Responsible Investment.

As such, from environmental, social, and governance (ESG) considerations or strict exclusionary guidelines, to sustainable corporate practices and extensive community outreach, Payden & Rygel has a long history of responsible investing. As a firm, we embed ESG considerations in all aspects of our investment process. Whether in the sovereign, quasi-sovereign, or corporate research process, evaluating environmental, social and governance issues is part of sound fundamental analysis.

We also have a history of working closely with clients to ensure their portfolios are customized to meet specific social or ethical exclusions. In fact, a significant portion of our client accounts have some ethical or social exclusions which are monitored by our dedicated Compliance Group and proprietary information technology systems.

At the corporate level, Payden & Rygel is conscious of the sustainability and environmental impact of its operations. Payden & Rygel continually works at growing our business while minimizing its impact on the environment.

Privacy Policy

Payden & Rygel respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner and in compliance with applicable legal and regulatory requirements.

Collection of Information

To meet those expectations, we must collect and maintain certain personal information which is required by state and federal agencies such as name, address and tax ID. We may collect or capture personal information about you from the following sources:

The investment management agreement between us, or other forms;

Oral conversations or written correspondence between you and our representatives;

Your transactions with us;

and Electronic sources, such as our website, or e-mails

We do not make personal information available on line. To change your personal information, call Paydenfund Shareholder Services at 800-572-9366 and request forms needed to make any corrections.

Internal access to information and safeguards

We limit access to your personal and account information to those employees who need to know that information so that we can provide products and services to you. We also maintain physical, electronic and procedural safeguards to protect your nonpublic personal and account information.

Disclosure of information

We do not disclose any nonpublic personal and account information about our customers, or former customers, to anyone, except as permitted by law.

In this regard, we may disclose such information to our affiliates, in the event some or all of your assets may be invested in the Paydenfunds, and to unaffiliated third parties (such as broker-dealers, transfer agents or custodians), all as permitted by law and only as needed for us to provide agreed-upon services to you. Finally, we may also disclose information to appropriate government agencies, and to others, as required by law or to prevent fraud..

We will post a notice on our website for 30 days whenever our Privacy Policy is materially changed.

Terms of Use

This website is for information purposes only. It is not intended to be a solicitation, offering or recommendation of any security, investment management service or investment advisory service. Nor does Payden & Rygel intend to provide investment, tax or legal advice through this website. In particular, Payden & Rygel does not represent that the securities, products or services discussed on this website are suitable or appropriate for all investors.

The information on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Payden & Rygel to any registration requirement within such jurisdiction or country.

The reliability and accuracy of the material on this website cannot be assured because of possible technical malfunctions and unauthorized tampering. In addition, the material on this website, including any opinions expressed herein, is subject to change without notice. Past performance is not a guarantee of future results.

No part of this website may be reproduced in any of form, or referred to in any other publication without the express written consent of Payden & Rygel. Any links to other Internet sites ("hyperlinks") are included only as a convenience for visitors to this website. Payden & Rygel assumes no liability for the content or presentation of such hyperlink sites.

Legal Disclaimer

The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.